India’s crude oil and natural gas production dropped on a year-on-year basis in February, according to the latest figures from the Ministry of Petroleum and Natural Gas.
Oil output slid by 3.4% to 2.8 million tonnes (733,000 bpd), while production for the first 11 months of fiscal 2016-17 shrank by 2.8% to 32.92 million tonnes (722,000 bpd).
The dip was driven by state-run Oil and Natural Gas Corp.’s (ONGC) shrinking output, with the NOC’s production falling by 2.2% year on year in February to 1.74 million tonnes (456,000 bpd) and by 1% in April 2016-February 2017 to 20.29 million tonnes (445,000 bpd).
Underpinning ONGC’s poor performance were a delay in deploying the Sagar Samrat floating production unit (FPU), development of the MHS (ZC) project’s western periphery and natural declines in mature fields offshore western Indian where the company’s main producing assets are located.
Oil India Ltd (OIL), however, performed better, posting a 5.73% rise year on year in its February crude production at 260,000 tonnes (68,000 bpd). Output during the first 11 months inched up 0.26% to 2.96 million tonnes (65,000 bpd).
Despite the improvement, OIL still failed to reach its February production target of 300,000 tonnes (79,000 bpd). The shortfall was attributed to declines from mainstay areas such as the Greater Hapjan, Shalmari and Moran fields, which witnessed increases in water cut.
February oil production by private firms and joint ventures, including Cairn India’s assets in Rajasthan, dropped 8.5% on the year to 796,000 tonnes (208,000 bpd). Output in April 2016-February 2017 fell 7.3% to 9.67 million tonnes (212,000 bpd).
India’s gas production fell by 1.7% in February to 2.52 bcm and by 1.9% in the first 11 months to 29.15 bcm.
ONGC, however, saw its output rise by 2.4% in February to 1.77 bcm and by 3% in the first 11 months to 20.12 bcm. OIL also increased its gas production, by 3.1% in February to 225 mcm and by 3.9% in April 2016-February 2017 to 2.69 bcm.
Private and joint ventures, however, saw their February gas production slump 14.9% year on year to 524.2 mcm. Their output also slipped by 16.4% in the 11-month period to 6.35 bcm.